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tv   Varney Company  FOX Business  March 11, 2020 9:00am-12:00pm EDT

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going to the white house today. probably that will be the encouragement from the president, step up the lending. then tech companies, we will see what happens there. tech companies also meeting with the white house. great show. thank you so much. really important information. the best analysis right here. stay with us. "varney & company" begins right now. stu, take it away. stuart: good morning, maria. good morning, everyone. joe biden wins big. he took the primaries in michigan and missouri by wide margins. the turnout was very strong. he kept his momentum going and heads into the florida and ohio primaries next week in a commanding position. as of now, it looks like the democrat nomination is his to lose. bernie sanders could not expand his base. seniors and african-americans went for biden and he couldn't bring out the youth vote in sufficient numbers. his socialist challenge is clearly winding down. i think it's dead. he's now under pressure to drop out. now, that's unlikely so the democrats are left with a party at war with itself and an unfocused forgetful candidate
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prone to gaffes. in congress, no agreement on how to respond to the virus. the latest proposals, a payroll tax holiday for the rest of the year. in other words, your social security contribution, suspended. another one, extend the april 15th tax deadline. however, congress had better get on with it. a one-week recess starts friday. the market, not happy with any of this. stocks will be down at the opening bell. you kind of get seasick watching it all. down 2,000 monday, up 1100 tuesday, this morning we will open about 800 points to the downside. similar losses for the s&p and nasdaq. the virus, there are now just over 1,000 cases in the united states. draconian action in new rochelle, new york, where the national guard has been called out to help with a cluster of cases in that town. seattle has restrictions on large gatherings. the first lawsuits have appeared, a cruise line sued. and just look at this. students at the university of
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dayton rioted last night after the authorities announced no more face-to-face classes. they will go 100% online. the students didn't like it. wednesday, march 11th, "varney & company" is about to begin. just over a week ago, many of the pundits declared that this candidacy was dead. now we're very much alive. stuart: low key for having a couple of sweeping victors for joe biden yesterday. brad blakeman is with us, republican strategist. that seemed really low key to me. >> didn't seem like he was a big winner, but he did say a few things with code words in there. let's welcome bernie sanders' supporters, which was a veiled slap at bernie, maybe it's time to get out.
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the bad news is for joe biden, he ain't going anywhere. sanders didn't spend all this time and capital with his base to just walk away. he's going to demand a pound of flesh. that will come at the convention. that will be at the platform and that will be a noose around joe biden's neck as the general nominee. stuart: joe biden is the man, i think. >> oh, yeah, absolutely. stuart: i don't think there's much question about that. there will be some damage to him by bernie and his supporters. but his handlers, joe's handlers, have to energize the guy. they have to stop him making gaffes. that's not going to be easy. >> you can't stop joe biden from making gaffes. he is who he is. the key for joe biden will be the public is really going to take a close look at him in the next debate. it's man-to-man with bernie. the longer bernie stays in, the more relevant he becomes because he's forcing joe biden to debate in a primary. stuart: one quick point. what was that trending expression? liz: biden's cognitive decline trended all day yesterday.
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stuart: my goodness me. that's harsh stuff. directed at a candidate in the election. hold on a second. let's get the results from the primaries yesterday. big win in michigan, we've got that. what about the others? ashley: biden took idaho, mississippi, missouri, and washington state, too close to call, but there's no doubt, you said this at the top of the show, biden appealing to african-americans for sure and working class voters, suburb suburbanites backing him and young voters didn't come out in numbers to get him victory. stuart: let's get back to liz peek on this. bernie appears to be -- look, he's not out of the race but i think his challenge is flat out over.
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what do you think? >> his socialist challenge is almost over. i agree with you. but the socialist challenge to this country is just beginning. just think about this. 82% of voters under the age of 29 voted for bernie sanders in michigan. that's a stunning number. over half of millenials think more of socialism than they do of capitalism, and it's interesting because they don't even know about socialism and i'm not making this up. surveys show they really don't know what it means but they do know they don't like the way things are going under capitalism. that is a very big problem. there are more millenials than boomers now. this is a big change as of last year. think about that. the biggest voting bloc in this country now applauds socialism. bernie's done but he has created a movement, i would say it really is at least an awareness movement, and in the next election and the one that follows, we are going to be seeing more bernie sanders kind of candidates. stuart: great to have you on the show. >> i know. thank you. cheer up. we need a big education of these people. i think hopefully that will
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start to happen when they get a paycheck and see how much goes to the federal government. stuart: as a market watcher, that's your background, what do you make of what goldman sachs said this morning, specifically the s&p 500 is going 15% lower than where it is now. that's a bear market. >> i would say they know about as much as you and i know. they are looking at the possibility of recession. that's what more and more economists are banking in now, second and third quarter looking pretty bad. then some recovery. we don't know what the next two months, two quarters looks like. i think trying to call the bottom here is foolish. what makes sense is saying okay, now we've had a tremendous compression in values and pe multiples, markets down 15%, almost, it's time to decide which stocks you want to own for the long term and start judiciously putting money in. if you have money on the sidelines, begin very carefully to put some money to work. i said that for the last week and i think it's the right thing to be doing. stuart: we are dealing with
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politics, the market and i really want to deal with this payroll tax holiday. grover -- no, there you are. sorry about that. grover, i know you are there right behind that camera. i know you are. look, a lot of people don't really know what a payroll tax holiday is. it's just a suspension of social security or medicare payments, isn't it? >> it's a suspension of the taxes that you pay, your fica taxes. so you keep more of your paycheck and the federal government would wrack it up as debt. it would leave more money in people's hands but what happened when we did the $800 billion obama stimulus, which was just putting more money into different people's hands? it gave us the lousiest recovery since world war ii. so how much this would help, i'm not certain. there is a desire to do something. i think at least they should give people another two weeks or
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even a month to pay their taxes for last year for anyone who's schedules are being mixed up by the virus. stuart: hold on for a second. this is a fast-moving market and fast-moving situation here. i will bring you back in just a second. i want another update on the virus, ash. seattle. ashley: seattle, moving very quickly. they have five levels they look at. they are at level 2 which means they are doing everything they can to stop the spread of the virus. they are considering level 3 which would mean involuntary isolation, forcing people to stay indoors and away from people. if you refuse, they would get court orders. stuart: on a mass basis? ashley: just in the seattle area. they would have to determine the area that would include. they haven't gotten there yet but they are considering it. they are one step below. stuart: what are they doing in new rochelle, new york? ashley: they are creating a one-mile containment zone.
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the national guard going into the city north of manhattan, new york city, about 79,000. they will be closing schools which means 10,500 students will be sent home. cuomo, the governor, has said the idea is to stop large scale gatherings. what will the national guard do? they will be doing a very deep cleanse of all public facilities. stuart: major league baseball? ashley: major league baseball does not want to begin the season with empty stadiums and are doing everything they can to avoid it. they are thinking maybe teams that play in cities that had bigger outbreaks could play in cities that haven't had many reported cases, or they could stay in their spring training facilities and play their games there. all of this could be superseded by the local governments who won't allow them to play anyway. stuart: that could be so. ash, hold on. let's go overseas now, to italy. what's the situation there? susan: 10,000 confirmed cases, 631 deaths from the virus, up from 168 on monday. that's almost a six-fold
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increase in just a few days' time, right. so we have 45% of those that have died actually in the ages of 80-89, not surprisingly, elderly individuals, and it's virtually in lockdown, a country of 16 million. stuart: germany's angela merkel, what's she saying about the german situation? ashley: 70% she believes will be infected in germany. stuart: 70%? ashley: 70%. stuart: infected with it? ashley: likely be infected. susan: and no cure. they are looking for some sort of vaccine as the disease continues to spread. stuart: still overseas, beijing? susan: 24 new cases which is actually small compared to 2,000 new daily cases we have heard reported. ten of those being imported. china, actually yesterday, reported 19 new cases. that shows the other side of the coronavirus. but because of the cases going up here in the u.s. past 1,000, the irs now says we should extend the tax deadline past april 15th.
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stuart: they are thinking about it. okay. check futures. let's wrap this up. big picture, we are going into the market, open in about 20 minutes' time. we are going to be down all across the board. i'm looking at drops of 2.8%, 2.9% again across the board. now, as you just heard, the administration may push back the april 15th tax deadline. grover norquist will deal with that one in just a second. fox news voter analysis shows twice as many seniors turned out as younger voters. that was not good yesterday for bernie. joe biden lashing out at an auto worker in detroit over the second amendment. watch this, please. roll tape. [ inaudible ]. stuart: there's a lot more where that came from. we will show you the whole thing. senator schumer criticizing president trump over his handling of the virus. you will hear what he had to say after this.
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right now, a package of five painless screenings... just $149. so, call today. life line screening. the power of prevention. we are very worried about the president's incompetence and lack of focus on fighting the spread of coronavirus. we believe that his lack of focus is hamstringing efforts to address this public crisis and inflicting pain on the stock market. one word could describe thus far the administration's response, incompetence. stuart: okay. that was senator schumer. that's what he had to say about -- that was what she had to s he had to say yesterday. now listen to what he had to say about the spread of the virus in new york state, his state. watch this. [ inaudible ].
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>> again, i don't know the medical details. i'm sure he relied on a lot of medical people. i would defer to them. stuart: he will call the president incompetent but knows nothing about the outbreak of the virus in his own town -- not his own town, but a town in new york state. that's blatant politicization. >> absolutely. in a time of crisis, this is a global crisis, not isolated to the united states. now's the time for republicans and democrats to come together. this disease doesn't target a partisan victim. everyone is at risk. as you correctly pointed out, he is a united states senator from new york state and he doesn't know the information about what the governor plans to do? he's not concerned about it? no, chuck schumer is politicizing an event that should never been politicized. he should be coming together with the president and quite frankly, the president is leading on this. he put the vice president in charge, there are briefings every day. even democrats in california have applauded the president because the president said anything you need, you let our team know, you are going to get
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it. guess what, they are getting it. stuart: democrats in california applauding -- >> governor newsom. stuart: goodness me. ashley: a revelation. stuart: let me move on. bring back grover norquist, please. what's this about the push to extend the april 15th tax deadline? how would that work and what does it mean? >> first of all, we need to do something. this is a non-destructive thing to do which is not congress's or the government's usual first lunge into anything. it would simply give people a breathing period. a lot of plans get disrupted, it's not as easy to get to if somebody is helping you with your taxes, how do you get there. let's give it a couple weeks or even a month. lot of people have paid more than their taxes so delaying getting them back doesn't cost the government anything, getting that free loan from citizens. i think it would make people feel a little better about scheduling over the next month
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or so. i think it's a very good idea and they should as soon as possible announce how much time they'll have. treasury can do it. they don't need a law change. stuart: that's what i was asking. treasury can snap the fingers and you extend the april 15th deadline. you don't have to have a vote in congress or anything like that. you can just do this, right? >> anything that requires a vote in congress, you just saw schumer, he wants to play politics, he wants to win an election in november. he could care less about who gets what virus, where. it's all about attacking trump and the republicans. it's what he's been doing the last 20 years of his life. why do you think he would change now. so find some things you can do by executive order where the grownups can get things done and not count on nancy pelosi to pass something useful. it's not happening. stuart: okay. grover, thank you very much indeed. short, sharp, to the point. i will step aside from the virus and the markets and politics for a second and look at a couple individual companies. they are in the news. pepsi are about to close a deal to buy rockstar energy
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beverages. amazingly enough, they will shell out almost $4 billion for that company. pepsi is down about 3%, in line with everybody else. modest gain today for the drug compa company, up a fraction for mallinckrodt. netflix, the cocooning stock, this is what you watch when you are quarantine d. susan? susan: representatives from google, microsoft, apple, twitter, expected at the white house today, joined by officials from government agencies and that includes health and human services department, nih, u.s. labor department and it's interesting that most of these tech companies are the ones that are advising their select employees to stay home and work
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from home instead. they are working to discuss coordination efforts and information sharing between their industry and the u.s. government involving containing the coronavirus. being tech executives aren't the only ones at the white house today. very busy meeting schedule including the 3:00 p.m. meeting with bankers and the heads of wall street banks with president trump and that's to talk about hopefully not facing a credit crunch once again, to i guess maintain orderly conduct with these type of wild swings in the stock market. stuart: the credit crunch is an underlying story on the market. we think of the virus and think of politics but underlying it all, the possibility of a credit crunch, especially in the oil patch. you can't service your debt. that's a credit crunch. that's what they're discussing. susan: $300 million. stuart: any minute now, dr. anthony fauci will testify in congress. this is about the administration's response to the virus. any headlines, you hwill get thm
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fast. we are going to be down 660 points for the dow industrial average. the opening bell, next.
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economic effects. this morning, they announced a huge rate cut by the bank of england. they are pumping a great deal of money into the economy there. how are they doing that? ashley: for one, for many businesses, they have eliminated or abolished property taxes saying they are trying to target these particular d you kn-- you retailers, restaurants, trying to give them a break by abolishing at least for now the property tax. this package in the uk is about $40 billion u.s. but also the government says it will fully refund the sick pay for anyone in the uk that takes 14 days out to self-isolate because of the potential for coronavirus which is a huge amount of money. they will throw everything the nhs needs, whatever money, whatever resources they need, and it's estimated the uk government says up to 20% of the work force could be absent at any time over the coming weeks and months. stuart: that's draconian action they have taken. ashley: in coordination with the bank of england. stuart: dr barton is with us.
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do we need the same kind of thing here? that would be rapid rate cuts from the federal reserve and enormous package from congress? does the economy need it? >> i believe that the rate cut from the fed is not yet. they just made a big one, didn't have much impact on the market because the market said that probably isn't what's needed. i believe a big package to help the people that will disproportionately be affected. we will have service workers in restaurants and all kinds of other places that are, you know, lower economic standing who are living paycheck to paycheck. if we can get some money into their hands so they can keep spending, i don't think the google programmer that gets to work from home needs a package. i think the people who are going to be out of work and are not going to be getting a paycheck, if we can reach out to them, keep them stimulating the economy, that will help the market. stuart: well, if that requires congressional action, they better get on it fast. they are out on recess for a week come friday.
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you've got, what, 48 hours, less than that to get something done here. we have not mentioned politics. i don't believe that that actually is a factor on the market this morning. big wins by joe biden yesterday. big losses by bernie sanders. that could be taken as a positive for the market. i don't see it having any impact at this moment. we are moments away from the opening bell. right now, i'm looking at a minus 580 for the dow industrials. we are going through some of these groups of stocks, this is before the market opens, they are still down. cruise lines are down, airlines are down, the overall market is down, it is 600 points for the dow industrials. no sign of a bottom. >> no. i don't see a bottom, until we see some technical medical breakthrough in the virus or if we just get some slowing of growth of the virus due to warmer weather or something like that. as long as 13 different european countries are growing at double digits and the u.s. is growing
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that way, i think you can't look for a bottom under those circumstances. susan: big large investment banks, goldman sachs this morning says the s&p 500 will be down another 15% by the middle of this year. morgan stanley has said the same. we will hit probably around 2600 for the s&p 500 from here. that's the bear case scenario and the bull market run, record bull market run is set to end according to goldman sachs. i think that's hurting sentiment this morning. stuart: these guys are big hitters, very powerful players in the market. they are saying bear market. here it comes. a week ago they were not really saying that. after a week of the virus impact, they are saying it. goldman sachs saying it. bear market coming. all right. we've got 30 seconds before this market opens. as of right now, we are going to be down about 500 points for the dow industrials. susan: better than the 900 points. stuart: that's true. i'm glad you jumped in on that. that's very true, actually. minus 570 as we speak. this is a yo-yo market. trying to get it in my head
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here. monday, 1200 points -- sorry, 2,000 points down. tuesday, 1100 points up. it's wednesday morning. the bells are ringing. we are about to open the market and we will be down about 500 points right there at the opening bell. three, two, one. here we go. 9:30 wednesday morning. let's see how this day shakes out. right from the get-go we are down 650, 690. 729. a sea of red. for our radio listeners, a sea of red, left-hand side of the screen. all 30 of the dow stocks are in the red. they are all down and the dow is off 710 points. that is 2.8%. the s&p, pretty sure that's down about the same amount. yes, it is, 2.6%. the nasdaq composite, i'm sure that's down, too. down 2.4%. i'm going to run through some groups of stocks which are in the news. let's see where they stand now. big tech, apple down seven at $278. amazon, $1855, down 36.
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facebook, $175. big tech again, google is down sharply. microsoft is down to $157. show me the financials because they have been taking it really on the chin. jpmorgan, morgan stanley, goldman sachs, all of them way down. sharply lower interest rates really hurt these guys. that's why they're down. susan: that and it's a proxy to u.s. growth which a lot of people don't see a lot of of and possibly recession or negative growth for one quarter. stuart: and the credit crunch. >> a few of these, look at citi, wells, some of their loan portfolios had 2% to 5% of even our biggest banks exposure to shale oil companies. if these oil prices stay down, you called it yesterday, that's what's hurting the financial sector. ashley: i think the regional
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banks, especially for shale producers, are really a much bigger risk because their exposure. i think the big, big banks, not as big a problem. those regional banks, it's tough. stuart: one second, i've got oil this morning at $32 per barrel. i think that's where we are right now. no rebound. ashley: $33. stuart: okay. $33 per barrel. you don't make a profit on that. you got a problem if you are leveraged -- ashley: $55 i think is bare minimum for shale. susan: in total we are looking at $200 billion of debt for these drillers, these producers maturing over the next four years. if they can't pay back $200 billion worth in four years, that's a big drag on balance sheets at these big banks. stuart: good explanation of what's going on here. oil stocks, exxon, chevron, bp can you believe bp is at $25 a share? a few weeks ago it was over $40. exxon, i remember that at $70,
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$80 a share. cut in half, $42 per share. the biotech stocks, where are they? of course, maybe some of them working on -- gilead sciences, that's the one to watch. they've got that -- what's the name? ashley: remdesivir. stuart: remdesivir. thank you very much. seems like a good treatment for the virus. if you've got it. and that stock is up to $74 per share. okay. show me the airlines. carnage continues? jetbl jetblue, southwest -- susan: they had a great day yesterday, i saw a spike of 12% to 13% for some of the names. delta was up 4%. this is about recovery because they are cutting international flights and even domestic ones, planes have been parked. we have hiring being frozen. this is to hopefully shield them from big losses that are expected from the coronavirus. stuart: they had a nice gain yesterday but nothing shielding them -- ashley: gone today. stuart: they are down. there are some terrific offers, by the way, from the airlines.
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ashley: the average price just in the last week, down 14% but there is some amazing, top discounted destination, miami, prices down 35% followed by new york and las vegas, prices down 29%. you can fly round trip from new york to new orleans for $97. that's 68% off what was the average price. stuart: that's a bargain. >> the general mood on travel, i can sum up this morning. last week to take the train up here, i got to my parking garage, it was completely full, i had to go down the block to park. today, i came to that same parking garage it was like a bomb went off. i parked right in the front row, walked right in. stuart: my goodness. susan: you have to tell us about the deal you heard over the weekend. that was incredible. $100 round trip from new york to greece. stuart: i was told one person i met, this is purely anecdotal, but this lady says yeah, i've got the tickets, $100 round trip, new york to greece.
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$100. and you can cancel and get your money back. i have not checked this out, folks. i have not checked it out. that's what i heard anecdotal. please bear that in mind. so we dealt with the airlines. on your screens, the dow since the all-time high which was, what, mid-january, i think? no, mid-february. we are down 17% from the high. you go down 20% from the recent high, that's a bear market. we are close. red ink this morning. now show me the cruise lines. i wonder if there's any recovery -- no, there isn't. royal caribbean, 48. carnival down to $22 per share. norwegian is at $18 per share. i think they have had the worst public relations nightmare in the entire history. since the titanic. what have you got? sorry, i should not say that. i want to take that back. that was a spur of the moment statement. i do apologize.
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>> it is possible that there has become an irreversible public opinion change about cruising and we are going to see how good royal caribbean, royal and carnival and norwegian are about this particular issue because they are going to need to find ways to bring people back other than cost cutting. it will be interesting to see how they do that. stuart: that's a tough road to hoe, bringing them back out to this. they are all down, cruise lines down again. all right. next case, the drillers. they have really been hit hard by the sharp decline in oil prices. would you look at that, devon energy at 8. marathon at 4. transocean is at $1.71. way, way down. >> i believe that we will see a bottom in oil much before we see a bottom in stocks, and that that will be a play that i'm going to go fishing sooner than i will for stocks, if i find some of these. they got drastically crushed monday and have been since.
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stuart: back to this point about the credit crunch. they are at the heart of the credit crunch. what did you say, $200 billion? susan: according to moody's, of debt maturing over the next four years. also, we should explain the credit crunch was margin calls and people pulling a lot of money quickly out of the stock market. withdrawing that type of cash from the financial system creates the crunch we talk about. stuart: underlying the whole stock market. hold on. what do you have? ashley: getting more news of canceled events. chicago's st. patrick's day parade, a big one, has indeed been canceled because of the coronavirus concerns. stuart: okay. ashley: the question is new york. stuart: new york has a huge -- boston canceled, dublin canceled. i interrupted you. >> on to the shale oil companies and the debt, back when saudi last turned the spigots open and tried to force them out of business in the 2014-2015 time
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frame, the markets were at highs. they were able to go to the equities market and get money and get debt financing to keep in business, with the markets in turmoil now that's less likely to happen. it's something to keep an eye on for sure. stuart: all the drillers, all the energy stocks way, way down. how about the hotel companies? they have taken it badly recently. they are down again this morning. hiatt at $64, marriott, $105. again, they will come back presumably when travel and vacations come back. ashley: yes. stuart: one has to imagine that. ashley: at some point we will get back to whatever normal is but it's certainly not this. you have to ask yourself, if you've got the stomach, get in now, hold for the long term. we are going to get through this and will come back. susan: declines have been more severe from sars. sars, i think the s&p was down 14% over that epidemic. but as i told you, markets do tend to bounce back, they bounce
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back 20% in the year afterwards. stuart: that was then. this is now. susan: we are not dealing with 0% interest rates around the world back then either. stuart: progress report here. we are nine minutes in almost and the dow industrials are down 2.5%. okay. not quite the mammoth loss we could have expected. early this morning futures were down 900? ashley: at the low, yeah. stuart: alcohol stocks. does this qualify as a cocooning group? that's arguable. they are up again. zoom's gone to $111 per share. look, here's the liquor companies. one of the world's largest liquor companies, down at $135 a share. that stock is actually way down. constellation brands, down. brown-forman, down. maybe they are not cocooning
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stocks after all. are they? >> they are sort of in the consumer staples kind of place, things you don't do less of when you have less money. they presumably should do a better job in a down market than others, but i don't think people are stocking up too much on liquor to make it through. stuart: it was a stretch on my part. i accept that. all right. i think we bet ger ter get to t ten-year treasury yield. slack is down a bit, not much. zoom video is up nicely. here's the anxiety indicator. the ten-year treasury yield. 0.70%. ashley: been worse. stuart: that ain't bad, folks. it's been worse. it was at .3% earlier this week. now you are .70%. and holding. well, i'm not going to say it's holding steady if you are down 10 basis points but that's not
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that much. ashley: 30-year at 1.2. >> it's not that much in this environment but compared to regular treasuries, where a basis point or two move is big, treasuries are trading like a penny stock relative to their normal which shows the uncertainty in the markets. when you are swinging from 1 to .3 back to .7 in just a few days, that's unprecedented. susan: it also shows that the market anticipates another beg interest rate cut next week. 70% of traders expect at lea least .75% slash by the federal reserve. that will take interest rates down and also takes down the treasury yields as well. stuart: hard to keep track of all of this. here's one item that has not moved that much, gold. it really hasn't moved that much. it approached $1700 an ounce, backed off. this morning you are at $1660. it's had a nice run over the past few months but over the past couple of weeks since the virus hit, hasn't done that
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much. it may be a flight to safety but i think the big flight to safety is the ten-year treasury. all right. one individual stock we will quote for you, adidas. they are taking a hit from the virus. look at that. 12% down. susan: that's because they put a number to how much the coronavirus will impact their sales at least in the first quarter so adidas and puma say with the major decline in sales down 80%, 85% in china, they expect losses of 1.14 billion. that's a lot of money. the first ones to actually quantify. we heard from under armour who penciled in a $50 million or $60 million hit from coronavirus in the first quarter. i imagine that will be a lot bigger than anticipated because a lot of companies expected it to be a short-term shutdown, short-term impact. it's turning out to be a lot longer and wider than anticipated. stuart: here's the question, though. when this is over and it will be over at some point, do people go out and buy all of the adidas shoes which they did not buy when the virus was around?
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does demand spring back? does it? i don't know. ashley: yeah, i think -- >> we'll find out. >> adidas wear out. i think that's a fairly elastic demand. people will go back into that and buy the thing. i put off buying shoes, i got to have some now. ashley: it's a huge boom and people after this will be like you know what, i did it during the virus outbreak, i can do it now. susan: the most concerning part for me when it comes to consumer demand is will people lose jobs because of the coronavirus. deutsche bank yesterday said that 15 million jobs might be at risk here in the u.s. because of the coronavirus. whether it's in hospitality, in leisure, it's a big number. stuart: is that a short-term job loss? do they all come back when the vee virus -- susan: not in one year. i would say when it comes to leisure hospitality buys, you are not going to buy it
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afterwards. there's pent-up demand for material goods like shoes for one. stuart: all these groups of companies, they are the victims of the social distancing. that's the circumstance that's affecting everybody here. i'm looking for bright spots. i think i've got one. i looked long and hard. i got something for you. gas prices. the national average is all the way down to $2.35 per gallon. that's down 16 days in a row and falling very very sharply right now. i want to bring in on the phone now gas buddy guy patrick duhaan. what's your forecast here? for gas prices? it's at $2.34 now. where are we going? >> stuart, i think we've got plenty of room to go down. motorists should not be in any hurry to fill up their tanks. we have seen a bloodbath in the price of oil. we are just starting to see now the national average really accelerate to the downside. looking at live data here today, we are at $2.32 and just saw our
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biggest single day drop in the national average since the great recession in 2008. we are going to see more of those days where you will see the national average down several cents which is certainly very rare. stuart: could we go down to $1.99 nationwide? >> whether or not we get there is going to be a function of if the russians and saudis who are apparently holding some pretty high level meetings kind of behind closed doors, if they can come to some agreement on a production cut, i don't think we will get there. for now, obviously oil prices down again today. we do have at least probably 25 cents worth of ground to cover here before things are anywhere close to being caught up. stuart: one last question. you are in asia right now, i believe. why are you there? >> well, i knew this was going to happen. i get out of town, get out of the u.s., the bloodbath in oil, try not to be part of it. stuart: no, you didn't. i don't believe a word of it. this is a prearranged vacation, wasn't it?
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>> hey, you know, two weeks ago i said with a lot of caveats, $25 to $35 oil. i pinned it more on coronavirus than this unexpected russian/saudi feud but needless to say, i saw it coming and you know, had to skip town. stuart: patrick, enjoy your vacation. don't worry too much about coming back because it might be awhile. thanks very much. >> i'll get back. thanks, stuart. stuart: you heard it right there. a forecast of a sharp decline in the price of gasoline. we are already down to $2.34, i think it is, heading south from there. quick check on the oil price right now. $33 a barrel. come in, senator john hoeven, north dakota republican. you represent an oil state. you spoke with the president, did you? can you tell me what he had to say about the price of oil in your state? >> well, as you know, oil prices are very low because of the coronavirus but also, as you just mentioned, you've got this
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feud between opec, particularly saudi arabia and russia going on right now, so what i talked to the president about was we should talk to saudi arabia, our ally, and say look, now is not the time for a price war in energy when we are battling the coronavirus. stuart: how did he respond? may i ask, how did he respond to that, because we know he has spoken on the phone to mbs. >> right. told me he had already spoken to mbs and the saudis and made that point and as you said, there's negotiations going on right now. stuart: okay. this is clearly having a very negative effect on drillers and frackers. they have been badly affected in north dakota. you got job layoffs yet? >> no, not yet. but the point you made is right on. in other words, at a time when supply is way down because people aren't taking cruises or flying and so forth, at the same time you greatly ramp up demand, you put incredible pressure on our industry. stuart: are you looking for any help for the drillers from the government? >> well, the first thing is if you can get out of this price
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war at this time, i think that helps a lot. then beyond that, as you know, the president has put forward a menu of things to help the overall economy. stuart: one last one, if i may, senator. bernie sanders won the democrat primary in north dakota. what's with north dakota going for the socialist? >> i don't know. he won it last time as well. i guess he has a following with the democrats in north dakota. but president trump is very strong in north dakota. stuart: i'm sure he is. senator, thanks for joining us, sir. keep on that pressure to get something done with the saudis, please. >> will do. you bet. stuart: check the market, please. we just hit the low of the session so far. we are 28 minutes in and we are now down 800 points. that is just over 3%. there you have it. 24,230. i'm trying to do the math here. looks to me like we dropped 5,000 points since january or mid-february. about 5,000 down on the dow
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industrials. susan? susan: i was going to talk about the stimulus. i think there was some disappointment yesterday when we didn't see president trump attend the coronavirus press briefing at 5:30 p.m. because there is all this anticipation we are going to get confirmation, some sort of bipartisan package to possibly get that payroll tax through, maybe some injections to small businesses, tax deferments and when that didn't happen, that's when you saw the triggers in the futures down overnight by hundreds of points that we talked about. stuart: we did make a point of saying earlier on the show that congress goes into a one-week recess on friday. so you better get a move on to get some kind of deal organized. however, there are things the administration can do without going to congress. for example, delaying the april 15th tax deadline. the big substantive ideas of pushing money into the economy, that requires congress, and congress i think is playing politics at this moment. ashley: it's interesting because christine lagarde said today look, the only way monetary
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policies work is if you get fiscal policies to back them up. in other words, you have to have your central bank work with the government of that country. we are seeing that today in the united kingdom. we have not seen that in the u.s. of course, we know what mr. trump thinks of the federal reserve. stuart: if we don't get some kind of action, a package, a package, no matter what's in it, if we don't get a package by the end of today, i suspect the market will be very disappointed. >> they continue to be disappointed. you hit the nail on the head, stuart. to ashley's point, monetary stimulus is one thing. that goes in and takes awhile to get into the hands of consumers, to get into the market. fiscal stimulus package, if you can give people some incentive to keep spending the money in their pockets, that goes straight into the market. we would see that show up quickly. without that, i think the markets will continue to struggle. susan: when you hear christine lagarde talk about 2008 once again, that does not help sentiment obviously in these precarious times.
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i wouldn't discount the fact there are politics at play in the market. you saw biden, who is pulling ahead, almost insurmountable lead over sanders, and they say head-to-head, he actually has a chance against president trump. there might be jitters there politically, especially when you hear biden talk about raising the capital gains tax, also raising taxes on individuals. i think red tape might be reintroduced. trade deals might be in danger. stuart: i thought politics might play a role today because bernie sanders appears to be just about out of the picture. that's an exaggeration. it's not out -- ashley: his hopes are fading. stuart: i thought that would be a plus for the market. but if now we have joe biden looking like he could actually do something against president trump, that is actually a negative, isn't it? susan: i think so. stuart: he's a tax raiser, a green new deal type guy. >> i think super tuesday was when the market priced most of that in. i think the market was saying yeah, this is pretty much
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biden's to lose now. so yesterday was just a confirmation so not much of a bump. stuart: let's go to the new york stock exchange, center of the action right down there. jackie deangelis is there. regeneron pharmaceuticals. what are they doing? jackie: you can see the stock up today but this is one that's trading a little bit higher here, price upgrade from h oppenheimer and some news the company plans to initiate clinical trials of its rheumatoid arthritis drug for the treatment of covid-19 symptoms. looking at this price target from going up to $450, you can see it's trading slightly higher. back to you. stuart: i find that interesting an arthritis drug may be considered useful against covid-19. breaking news here, what have you got? ashley: executive order to reduce dependence on chinese drug. as we have seen, coronavirus has
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disrupted the drug supply chain, also creating worldwide shortage of face masks. the trump administration we understand is looking to craft some sort of executive order that would aim to reduce that dependence on china for pharmaceuticals, medical products and so on. this is under way as we speak. stuart: that's very necessary, because 80% of the materials that go to make our drugs, including penc includi including penicillin, originate from china. you can't allow one country to have that much leverage over your drug system. >> i think the drug thing is a big deal right now. that is an important longer term thing. our biggest chance of finding a market bottom is to have one of these existing drugs found to be effective because it doesn't have to go as long to get into -- to help people. if we saw that, that would be an immediate screeching halt to the market drop. if we can find a drug that's
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truly effective that's already existing. stuart: we don't have it yet. remdesivir from gilead sciences looks promising. that's as far as we can go with that. now, next case. the epa have put out a list of products that you can use successfully against the virus, cleaning products, basically. stu laurence is with us, ceo of clean well. your products, they are not on that list from the epa, right? i mean, you are not approved, are you? >> thanks for having me, stuart. that is an emerging pathogen list that actually they recently this week put out an expedited application for that which we had filed for and i think in the coming days we will know and be on that list. it actually does not specifically point towards coronavirus but more emerging pat pathogens. stuart: you put out cleaning products, clean well, you use plant-based cleaners. right? plant-based. i don't get it.
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can you show me for sure that these things are effective? >> effective against coronavirus, no one can actually make that claim at this time. it's an emerging situation. our active ingredient has been around for centuries, derived from a plant, much like alcohol and other ingredients. stuart: how much are your sales up? >> i can't even put a percent to that right now. in february, we were reporting about a 400% lift. coming into the first week of march, we are pretty much out through the end of october and ramping up production to try to refill the pipeline which is one of the big things coming up here. it's an unprecedented situation. stuart: can you ramp up production to meet the demand that's coming at you? >> fortunately, we've got great partners and great team here at clean well. we are doing our best around the clock to do so. it is a challenge, no question. right now we are working through how far out we can go with components, with ingredients, et cetera, and thus far, we are in pretty good shape.
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but we don't know where this is going to go. hopefully it's closed down soon. stuart: stu lawrence, thank you very much for coming on the show. an alternative type of treatment cleaning product here, plant-based. thanks for joining us. >> thanks for having me. stuart: not all republicans are on board with the president's proposed stimulus package. senator mike braun, one of those who is not keen and he's on the show shortly. congress supposed to break for one week recess friday. where do they think they're going? they can't skip town in the middle of a crisis, surely. you will have my take on that, next. . . fort
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stuart: we're half hour into another tumultuous session on wall street. here is where we stand. the dow at this moment down 751. that is what, about 3%? is it 3%? i can't read it. similar losses for the s&p and also for the nasdaq. you're down 3% pretty much across the board in the first half hour of business. virus update. there are now over 1000 cases here in the united states. point being made here, the national guard is coming into new rochelle, new york. containment zone. that is remarkable. other cities are implementing severe restrictions. cdc's robert redfield testified there have been 31 deaths to the
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virus in the united states. big tech companies, facebook, microsoft, google, apple, they will be at the white house later on today to meet with the president. this is about information sharing during the virus outbreak. the price of oil all the way down still at $33 a barrel. the saudi russia price war, not going away. really hurting the energy companies. i have more on that coming up for you as well. the anxiety indicator, the 10-year treasury, .86%. a bit more money moving into there. we were at .7%, money in, price up, yield down, the anxiety indicator. all right, everyone, now this. on friday congress start as one-week recess. yes, you heard that right, in the middle of a crisis our political leaders leave washington. i can't imagine the reaction if they skip down without taking action on the virus. at least they are talking. there are options that satisfy maybe both sides of the aisle
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here. paid sick leave, a suspension for the rest of the year for your fica contributions. that is social security. money for sidelined hourly workers, an extension of the april 15th tax deadline, money for cruise lines, money for airlines, all of the above are under discussion. a deal though is needed, surely. get on with it. this morning the brits led the way, the brits. we don't spend much time discussing the bank of england, today, they took radical and quick action, it was like a signal to us, get on with it. they're pumping hundreds of billions of dollars directly and indirectly into their economy. they're pushing banks to make dirt sheep loans. they're treating the virus the way they treated the financial crisis with urgency and attention. my opinion, the virus is like a natural disaster. our government should respond appropriately. the people who are hurt through no fault of their own should get
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help. that is what a government can and should do. get on with it. market watcher shah galani. what do you think happens with the market if we don't get a comprehensive package? >> if we don't get a comprehensive package, stuart, we're going down, much, much lower. a comprehensive package is absolutely necessary because no one knows what impact the virus is going to have across the economy. obviously across the economy means in corporate structures, in terms of earnings, in terms of profits, in terms of demand destruction, all the things country relies on production, else, will be impacted properly by this virus. for how long we don't know. the president and administration trying to get ahead of this by proposing some of these things is fantastic. it is unbelievably necessary and timing is of the essence. i think it is appropriate. without this i think the market would be a lot lower today. stuart: hold on shah, i have got questions for you in a moment.
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i want to bring in rachel b-evard with the conservative partnership institute. you're a conservative. most conservatives don't liked idea of government action or government bailouts but what i want is the government to help the people who need help because after problem through no fault of their own. are you with me on this? >> i think it is too soon to tell to be honest. i think what the government sneads stock focused on is addressing the virus and containment of spread of this virus. tests need be out there. more beds in the icu, we need measures focused on containing the virus. at that point if it continues to spread month after month we look at total economic response. first order of business is getting -- stuart: wait, wait. don't you have to jump in front of this thing? you're already seeing people locked down. the social mobility is, suppressed. a lot of people not going to work. money is being lost. demand in the economy is being suppressed. don't you have to get in front
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of this thing? you can't wait months and months. seriously, rachel. you can't. this is a political question. if the congress and president trump does absolutely nothing for months on end, waiting for some kind of a economic stimulus package, they lose. >> no one is talking about doing nothing here. there are things that we need to be doing in the short-term to contain the virus. once it is contained the confidence will be reasserted into the marketplace. when people are scared right now because the government doesn't seem to act quickly enough to contain the virus. once the confidence comes back in you may be right. stuart: what do you want them to do to show they're containing virus? do you want lockdowns in cities. is that what you want? >> no, of course not. we need more tests out there. resources, beds, icus. stuart: they are doing those things. >> i don't think they're doing enough of that. stuart: that is your criticism they're not doing enough with the tests and hospital beds, that's isn't no i think in the short term we have to get those
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measures taken into effect before we focus on anything else. stuart: no economic stimulus, no help for those who have been hurt by this, none whatsoever for months on end? >> i don't know about months on end. stuart: look a month. >> this government needs to act quickly to contain the crisis just like any -- stuart: rachel, can't they act quickly economically? >> you know i think you have to contain the virus before you even know what you're dealing with. we're dealing with market fluctuations every day. market up one day, down another. we need to even out containment measures. that doesn't mean months. occasionally could mean weeks. stuart: i'm a conservative, and you lost me on this. >> fair enough. stuart: you lost me. i don't want to see the market plunge. i don't want to see economy going into recession. i think it is the government's job to do something about it. it would be easy to do it. rachel, i'm afraid we're out of time. you come on back, okay? we'll discuss this again. this is a debate we have to have
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and we should have it. >> good to see you. stuart: thank you, rachel, very much. back to shah gilani, any sign of a bottom at all in this market? >> unfortunately no, stuart. yesterday there was a sign of hope especially when markets closed on highs of the day. maybe they will settle in a little bit. overnight we saw selling in asia. not bad selling but we saw some selling in asia. european markets tried to open up strongly. they will probably falter by the close. u.s. futures indicated to investors that the worst is not yet come to pass. so i think we have some time to go. it may be a matter of months. the unknowns are so extraordinary in terms of this virus, in terms of the global impact it is going to have. this is, let's not mistake it for anything than what it is. it is a global crisis. when you see an entire country, italy closing down, what will that do to the italian economy? what will that do to knock-on countries exports and into and
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out of italy? same impact having on china. will have impacts globally and impacts in the united states. government is doing the right thing by being proactive to get ahead. aid economy, aid businesses, aid the public. stuart: i do think we should look what is going on in china. number of new cases is way, way down. they appear to have got a grip on it. they say they got a grip on it. the number of cases would suggest you can believe what they're saying. south korea unfortunately has had a new cluster develop in seoul, the capital of south korea. number of new cases is starting to go back up again. shah gilani, i don't know whether you heard this. earlier this morning, angela merkel, germany's chancellor, suggested that 70% of the german population could be infected at some point. the brits are telling us, they expect 20% of their workforce to be at home on any given day on
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any given time. this backs up your point here, this is a global thing. if it is a global thing, are we perhaps better, in a better position to deal with it? >> right now we appear to be in a better position to deal with it. i think health care systems in the united states are outstanding. given criticisms they have gotten over the years they still probably are among the world's best. i think this government is doing the right thing. your other guest point toed fact there wasn't enough being done. i think the government is doing everything it needs to be doing in terms of creating, whatever they're doing to expedite the production of test kits, in terms of organizing hospitals and doing everything they have to do for crisis management they're doing that. perhaps a little bit too much behind the scenes. maybe they don't want to be out front telling everybody what they are doing because they are afraid to create a larger panic than some people feel already exist in the economy but they are doing that already.
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so becoming proactive in terms of the economy is the right thing to do. you cannot wait too long. if we are to wait, one, two, three months, who knows how much demand destruction we're going to see, who knows how difficult it will be to reinvigorate companies, production, materials, sourcing, supplies, on and on. this has to be addressed immediately. stuart: it does. we'll leave it there. no bottom in sight according to shah gilani. we'll see you again real soon. very, very important meeting at the white house coming up. the executives of the major banks they will all be there. what is the underlying problem? susan: restore confidence. battle extreme volatility we're seeing in the financial markets. seeing there is some sort of cushion from the economic fallout from the korean korean. we're talking about the biggest ceo's in the land of banking. citigroup, jpm, given that dime deem is dealing with a heart condition. so his deputies will be there. goldman sachs, schwartzman.
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when you bring this leadership in one single room, that shows urgency dealing with the financial system. is there enough liquidity since 2018 where people sell too quickly. there wasn't enough money to go around. financial markets seized up. maybe sure we don't repeat that. make sure it is or the early, people are not panicking, taking out as much money as possible, as quickly as possible. stuart: you mentioned banks and credit crunch. christine lagarde, european, i think imf. ashley: no. ecb. head of the ecb. stuart: i'm sorry, head of ecb. she likened the current situation to 2008. ashley: if they don't act. the capital requirement in the european union to lend more money out to small businesses which is a smart move.
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stuart: recommend sis meant of 10 or 12 years ago. susan: that famous meeting of new york heads, jpmorgan told to buy bear stearns to save the financial system. stuart: there is a comparison. walmart launching an emergency leave policy after kentucky employee tested positive. so got more on this, please? what have we got here? more on the latest headline on the outbreak. what's that. ashley: i can tell you that the airlines here, the faa has waived the minimum slot news requirements. it all sound very technical. look, flights are being canceled all across, american airlines, delta, reducing their capacity. you have to use the slots that you have, congested airports 80% of the time. that is the bare minimum. otherwise you stand the chance of losing that slot. we know how valuable they are to airlines when they want to get into all the major airports. now the faa says until the end of may, don't worry about that
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minimum use of the slots. we're going to waive that, we're understanding that you have to cancel a lot of flights because of the virus. stuart: remarkable. remarkable. president trump's stimulus plan not getting a lot of love from some republican senators. one much those senators mike braun, is coming up on this show. i will ask him, what doesn't he like about these proposals. a lot of companies and schools closing, making contingency plans because of the outbreak. where is the liability when it comes to an employer? i'm asking judge napolitano the liability question. mini super tuesday. that was yesterday. it's over. big loss for bernie sanders. joe biden came out on top. he won michigan. next michigan congressman bill huizenga, i said, look, the youth vote just didn't turn out for bernie. we'll be back. ♪. cologuard: colon cancer screening
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10:18 am just $149. so, call today. life line screening. the power of prevention. stuart: now we're down 800 points on the dow industrials. that is a 3% loss and it's pretty much across the board. how about boeing, they're planning toe draw down on the full amount of their $13.8 billion loan. 212 is the price of boeing stock. build-a-bear, they will refrain from providing guidance this year because of the virus. they're evaluating different plans for the business going forward. they're down 4.6%. jackie deangelis, you have a winner. tell me about it on your screen. reporter: we have a winner, dxc technology this is on news it is selling its medicaid service business for five billion
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dollars. this is a stock that has been hammered. it really needed to sell the business. it is selling it to meredith capital. the business really is one that's focused on medicaid, state and local government help, human service providers. with the election and health care being such an issue first and foremost makes sense right now. stuart, back to you. stuart: jackie, at least we have a winner there. let's get to ohio, we showed you at the top of the show, this, it is a riot at the university of dayton. ashley: this was after the university announced temporary suspension of all classes and on-campus housing due to the coronavirus concerns. it appeared that the students responded to that by rioting over 1000. riot police turned up. apparently firing pepper balls. i don't know if i heard of pepper balls, chemical pellets that irritate eyes and nose like pepper spray.
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that did the job. they never really asked for anything. there was no demands. not refusing to leave. immediately a response to shutting down i think more student housing. stuart: because they have to go home? ashley: right. i think that is what it was. there you go. stuart: let's focus on joe biden. got into another nasty argument, this time with a detroit auto worker. let's have a look at this. [inaudible conversations]. >> [bleep]. you're not allowed to own that anyway. i did not say say with. wait, wait, wait, your ar-14s. stuart: he lost his temper. that was flat-out in michigan. congressman bill huizenga joins us. what is going on here,
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congressman? >> stuart, good to go be with you, my experience in politics is, it tends to be a game of addition, not subtraction, you know i lived through some pretty contentious town hall meetings and those kinds of things. i never cursed or sworn at a constituent, someone i'm trying to get their vote. it made no sense. makes him frankly look unhinged. stuart: it is not a good idea of anyone, anyone in politics to go after a voter with some obscenity thrown in and some inaccuracies. the ar-14, i'm not sure i know what that is, for heavens sake. >> if you're going to put yourself forward as a gun expert and supporter of the second amendment, you actually better know what those weapons are and then, you know, you better not have been talking about putting beto o'rourke in charge of enforcing all the gun laws that gives no second amendment supporter any kind of warm fuzzy feeling, i can tell you that.
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stuart: congressman, while you have been speaking, we have a new low for the dow. i want to alert our audience. now we're down 882. you had nothing to do with the new low, congressman. i just wanted to point it out to our viewers. back to the michigan primary yesterday. joe biden won big. bernie sanders lost big. i suspect that is because he couldn't pull out, he couldn't bring out the youth vote in numbers required. what is with michigan and the youth vote? >> as you put it, they didn't turn out. already heard some excuses back home, they were coming off of spring break and all those other things. i think it's more than that he has a, he has a hardcore base and what, what has happened really, you've seen consolidation. all the michigan leadership, exempt for our senator who is up for re-election, he didn't want to tick off anybody, he didn't take a position. all the other democrat leadership literally fell in
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line, got behind joe biden and wanted to put a stop to bernie sanders. looks like they succeeded with almost 100% reporting looks like joe biden won every single county in michigan in the democrat primary. turnout on the republican side is also important to note. stuart: come the election in november. >> yeah. stuart: if it is joe biden versus president trump, where do you think michigan's going? >> well you know, michigan has definitely benefited from the, from the trump administration policies. starting with usmca, and that auto worker that he picked a fight with yesterday, i can tell you that my family background is in the auto industry on my mom's side, it has been good. manufacturing has been good in michigan. agriculture has benefited. so i think it is a strong story to tell. but it is going to be, it will be a knife fight in michigan i can tell you. stuart: can you give me 20 seconds whether or not you approve of a economy-helping package in the next couple days from congress.
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>> i want to look closely at it, we have a common goal to make sure those being affected are not unduly harmed. i expect something will be put together. the question will it be direct to industry or to the individuals themselves? stuart: are you going to stay in congress until it is done? >> i'm planning, yes. i'm staying. we'll be here. stuart: okay. bill huizenga, thanks for joining us. >> stuart, good to be with you. stuart: treasury secretary steve mnuchin, he is right know testifying on capitol hill. that's not him but previous he was testifying. what is he saying? susan: saying the coronavirus situation is like a hurricane and costs need to be picked up. also spending hundreds of billions of dollars can be put into the economy with deferred tax payments we've been talking about. a very effective way to aid companies without putting taxpayers at risk. he says airlines, he assumes
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airlines will be at the top of the list for some sort of help or stimulus. he feels strongly companies need to be protected but not bailed out. not like 2008. no tarp, not for gms and the like. during the global financial crisis. he says coronavirus, it is important to protect the u.s. economy and better coordinate with the imf, world bank as well on relief issues. stuart: maybe the use of the word hurricane used by the treasury secretary that pushed the market to a new low. ashley: that is a natural disaster, right? that is what he is saying. he also said it yesterday. stuart: pushed hundreds of billions of dollars into the economy. get something going. that's what he is saying. i would have thought that was positive, no? susan: i would say this is bigger than a hurricane, the economic impact. this is spread globally. 115 countries have been impacted. in the globalized world, what happens in china also impacts the u.s. stuart: check that market again. we're down 850 odd points as we speak. that's loss of about 3%. you're down about 3% on the s&p.
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2 1/2% on the nasdaq composite. number of companies are working, coming up with work from home contingency plans because of the virus. what's their liability in a situation like this? can they compel someone, physically, come to work? if they do that, where is the liability. judge napolitano answers those questions after the break.
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essential monthly expenses, so you're free to live the life you want. find out how an annuity can give you lifetime income at stuart: i think this is the low of the day. we're down 940 points. that is 3.8%. we'vep almost completely eradicated yesterday's gain. not quite but almost. we're down across the board today. it is 10:30 eastern time. we can get some news how much oil we've got in storage and how much oil we've used. right now the price is $33 a barrel. i think we just got the number? ashley: working on it. hang on. looks like up 7.6, no, 7.64 million. stuart: it is a build, right? ashley: that's a build. five million barrels more than expected t speaks to lack of demand.
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stuart: seven million barrels of oil extra in the supply chain in the united states. ashley: that is rubbing salt in the wound already. not a big surprise when you consider what is going on around the world. stuart: bond investors, we're told, getting energy companies, because of the price of oil decline, will not survive this oil market rout. ashley: in the shale patch. basically these are the crude producers that are very capital intensive. they load up on debt because of the way they run their operations, fracking operation. it is expensive. you can look at this how some of the, the bond prices have been absolutely killed. chesapeake, bond price was $41 on friday. $11 this beak. oasis petroleum, another canary in the coal mine stock on this issue, plunged to 31 bucks from 74 bucks on friday. in other words, are they able to service their debt when these notes come due? this lasts for any length of
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time, the question is no. so it will be a, there are a lot of difficult times. you will see a lot bankruptcies. stuart: look at the right-hand side of the screen. ashley: regional banks behind a lot of financing. their exposure could be a real problem. stuart: big meeting at the white house with top bank executives as you reported. the dow is down 950. scott shellady, come in please. i'm inclined to think the sharp decline in the price of oil is a major factor in the sharp decline of stock prices. what do you say? >> yeah. saudi arabia costs 7 bucks to pull it out, russia 8, and u.s. $37, right? yeah, it is going to hurt. talk about the ridiculousness of everything. everything we've been hearing last three or four weeks, about the coronavirus what it may or may not do to the economy or gdp, world growth. hey, talk about how much tesla can sell a car for when gasoline
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is free? have that ridiculous talk. it is to the point, i love the word apoplectic. i don't know what to say. we need people settle down. markets are way overreacting, yes. i feel like i'm talking in a cave by myself. we need people to settle down. ultimately take a look at the numbers, facts don't have feelings, this really isn't as big of a deal as it is made out to be. stuart: i really don't like to see the leader, minority leader in the senate, chuck schumer, go on about the gross incompetence of the president in handling this deal. i don't think that helps at all. i think that, that just makes the problem worse. what are we doing here? >> he is being grossly incompetent by saying that, number one. number two, stuart, how about this? this is the culmination of a generation of people that can be swayed by the russians with 150-dollar facebook ads. this is the culmination of a group of people that actually
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think that socialism is the answer. so this is what you get when you got those types of people living on this planet along with the flat earth group by the too, that is what happens to these markets. p. stuart: you have to bring in the flat earth group. i don't blame you, scott. that is your way of calming down a little bit. inject a little humor. i know it. i was expecting the market could get a bit of a bounce this morning, a little help this "morning joe" biden's big win across super tuesday but apparently not. >> i would say, maybe this is the bounce. had it been sanders we would be a lot lower. maybe you need to look at it in a different way. ultimately, any help we get with anything right now would i take. that has calm people's fierce. this is a clossette, locked in a closet with no lights on. they give fused and water. we just need the lights turned on. we don't need the food and
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water. until they turn the lights on show us what the virus really is, a lot of things we're doing is spitting in the wind. stuart: good analogy, scott. much obliged to you. >> all right. stuart: got to talk about one individual stock, that is boeing, way, way down, $23 per share. 207, a 10% loss. that is taking a big chunk out of the dow. susan: it is. stuart: using full amount much their 13 billion-dollar loan credit line? susan: by this friday. that is very concerning. according to reporting by boeing. we know boeing is in precarious situation with grounding of 737 max, cost them already $18 billion. given the 16 year plane boom coming to an end thanks to the coronavirus this, is exacerbating a really tough condition and situation for boeing. stuart: yeah. susan: there are concerns about the drawdown and amount of capital and cash the plane maker
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still has on happened, given that they haven't sold any 737 maxes lately. stuart: extraordinary loss. it is a dow stock. susan: trading at 2 1/2-year low on monday. bounced back yesterday. i would expect we test the multiyear lows. stuart: i'm the idiot who bought 6 bought it at 331. it is now 206. moving on. you can hear the judge laughing here. i don't blame you whatsoever. now the judge is on the show because i want to know about liability. surely, judge, come on in. look, supposing you're an employer, and you tell your employees you have to stay at work, you have got to stay at work. what is your liability if that employee has a problem? >> it depends what you know is at work. if you order employees to stay at work knowing that someone else at work is contagious, you have knowingly exposed them to a potentially fatal disease which
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of course would make you liable. you can't do that. stuart: okay. >> on the other hand an epidemic is covered by the americans for disabilities act. which means you have to accommodate the needs of your employees if they are afflicted by an epidemic this is not yet a epidemic or pandemic. centers for disease controls will decide. they will make that determination on the basis staff tis i cans, what -- statistics, what percentage much the population domestically, internationally is affected by this i don't know what the number is but at some point they will declare it epidemic or pandemic. epidemic national, pandemic international. do you have a job where you can work at home? if so the employer can make you work at home. if you have a job where you are can't work at home and the employer sends you home, does the employer have to pay you? we don't know the answer to that except that it would depend upon what the employment relationship
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is. how many sick days do you have? can your employer force you to use your sick days in order to protect others from you? probably yes but, stuart, honestly, this is a virginnal territory. american public has not witnessed anything like this for 100 years. spanish flu, when laws were very different, employers reined supreme. when employees had very few rights than they have today. stuart: i would expect lawsuits against all kinds of travel companies and employers. >> one lawsuit already for the cruise line. some people are still on the cruise line. they have been trying to get off for weeks and they can't get off. their lawsuit is, negligence on the part of the cruise line. it is the wrong lawsuit, because you can't sue a cruise line for negligence. you're forced to go into arbitration. but if you sue them for
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intentional behavior like false imprisonment, then you can get to a jury. stuart: that is extraordinary situation, judge. >> it is. stuart: you have to guide us through this one. >> happy to do it. stuart: come back soon, napolitano. >> why do you buy the stocks when they're so high? are you supposed to buy them when they're so low? stuart: self-confessed, self-denigrating anchor, unknown in television actually. >> yes. [laughter]. stuart: not so sure. the housing market, real good. rates at a 50-year low. however, coming up, we have a guess who says the virus is going to upset the property market. not what we want to hear but he will say it. number of republicans spoke out against the president's stimulus package. after the break, indiana senator mike braun. he is not keen on this deal. i will ask him why. he is next. ♪.
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stuart: low of the day. we're down 967 points. that's the best part of what is it? nearly 4% down now. just holding just above 24,000. that means we lost 5000 since mid-february. 5000 dow points since mid-february. i want to introduce senator mike braun, republican from indiana. senator, welcome to the show. i want to talk to but the stimulus program. i editorialized earlier. i said i think it is fine for the government to help the people who have been hurt through no fault of their own. they don't want bailouts. i think that is the correct form of government. i think that is what government should be doing. i think you disagree with me. >> i look back to 2008, if you come from main street and, as a scrappy entrepreneur, there were many of us that weren't comfortable with the bailout. i'm a finance guy. i know how critical it was then
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but, my goodness, stu, this, when you look at oil prices, they have been on a really good run. i'm a guy that also knows the difference between a c-corp. and a sub-s and a llc. the big guys generally take care of themselves and, i look at the lower prices of fuel. that's a good opportunity for all of us to hedge in fuel. i think when you look at particular inindustries, whether it be boeing, oil companies, that is a slippery slope. most of us on main street don't ever get that kind of attention. stuart: senator, treasury secretary steve mnuchin is testifying on capitol hill and he has just said the president wants companies protected, not bailed out. it would seem then that you're on the opposite side of the fence to the president on this? >> well, to me is maybe a nuance and i would have to find out what they mean by the
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difference. all i'm saying is that, yes, certain sectors have been hit hard but i also know that, many of these companies have been on a ride for a long time and they are generally sophisticated with some type of rainy day fund with, lines of credit. we don't want to see even the biggest go out of business but i think we're a good distance from that and i know many that share my point of view, that come from main street are not going to jump and be aggressive trying to bail out larger entities. stuart: okay. there are some measures which could be taken, which don't bail out anybody, but which do put money into people's hands, specifically, delaying the april 15th tax deadline for months, whatever it is. just delay it. that means, either put money into people's pockets. i'm also talking about this tax, payroll tax holiday. you don't have to contribute to social security for the rest of the year.
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that puts money into people's pockets. now that is not a bail out. are you okay with that? >> no. when it comes to like delaying or filings, i think most will be okay with that, because given the circumstances. that is not going to make a big difference. when it comes to the payroll tax, that's a large part of the revenue that we fall short with by a trillion dollars currently. so i would have to get the details of that. if it is aimed at smaller businesses, in a way, yes, i'm not sure that you can do that. i will be open to that discussion. but in general, i really think the economy has been so hot, stu, almost everyone is prospered over the last 18 and 19, since the jobs act and tax cut bill went into place. i'm just a little skeptical running trillion dollar deficits that we, you know, further accentuate that.
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stuart: that is a fair point, mr. senator. are you prepared to walk away from d.c., walk away, go on recess come friday, even if you don't have some kind of package deal for support of the economy in place? >> so in terms of whether we go on recess or not, i'm one that works hard every day. it will not make me any difference if we stick around if we need to. my feeling is though, there will not be enough time to see if this thing is actually under control. i was with the ambassador of south korea last night. their cases a week ago were 500. down to 100. many of the other places have found that they have been able to contain it, put a lid on it. we're at the early stages of this. i think hysteria and sensationalism has driven it mostly. i've been out front early that we need to take it seriously. that is the tamp the disease
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down, not maybe get ahead of our skis on some of this other stuff. stuart: by the way treasury secretary steve mnuchin has just said, as you know, he is testifying on capitol hill, he just said the federal government should make sure workers are paid for the weeks away from work they may have to spend at home away from work. the federal government should make sure they are paid. what do you say to that? >> they brought that up yesterday at the lunch as well. that's one i would take a look at, if we feel we need to get there. so i think all of us, especially those of us are fiscal conservatives, are not going to dismiss anything but we're going to be careful if we do it, we do it in a way that's not going to break the bank and aimed at people that need it most. main street entrepreneurs and blue-collar workers. stuart: the dow is down 1000 points. part of that self oaf could be
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we don't have plans for a relief package in sight that could be we have a 1000 point decline. last word to you, senator. >> that could be. and i believe most of these market losses, once we get more information and put a lid on this will mostly come back. the last thing i will tell you, stu, i won't rip you on a bad stock choice. i will tell you how red oaks, white oaks, trees always grow. stuart: senator, by the way, ladies and gentlemen, is referring to me as a tree farmer which i am. thank you for your interest in the lumber business, mr. senator. i could use your support. >> you're welcome. stuart: see you soon. quick check of that market. we're down one thousand points. let's leave it at that. that's where we are. now the housing market, that's been a bright spot in these volatile times. mortgage rates are at a 50-year low. there is huge refinancing boom. however our guest says, the
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virus could upset real estate. how does that work? more "varney" after this. tomorrow.
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mike a realtor kind of guy. you're saying that the virus will hurt the housing market. make your case, please, explain. >> i would say this to you, stuart, i think right now what we're seeing today, this is hot off the press before i came on air, we're seeing some banks and some mortgage companies begin to limit refi's based on rate because they're overcapacity already. what does that mean? that means, let's sort of look at what the leg bone connected to the hipbone, how does this whole thing work? essentially the coronavirus comes in. it's awful. nobody likes it. what do we see from that? investor money goes from security into bonds, hence, 10-year yield drops. that makes mortgage rates drop. we're having the best first quarter in real estate we've seen in recent years right now. and because of that, i think things are a little bit tough. now, the question is, what does that mean as we come into the next few months? the problem with my industry is, data points don't become data
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points until we're month down the road. what are things going to look like a month from now? that is a good question. i think things will be slower than they are right now. i think they're blistering today. stuart: they are. mike, i'm sorry to do this. i have to leave you real fast. we're coming up an hard break. we have more headlines coming at you from treasury secretary mnuchin and we have 1000 point loss on the dow and we'll be back.
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stuart: yes, this is a market selloff. we are way down, 900 points lower. treasury secretary mnuchin has been speaking on capitol hill. give me the headlines. ashley: i think the most eyebrow-raising was probably when he compared the situation with the coronavirus to that situation just after the 9/11 hijacking attacks. he says the federal government has to make sure that people get paid for the weeks they are away from work under quarantine. how do you do that? he says we are looking at several options. one would be that these workers will get paid for a debit card or direct deposit, they say perhaps companies continue to pay and the companies themselves will be reimbursed by the government. he goes on to say it is critical that congress act quickly on a stimulus package. he says many industries can continue on fine with teleworking, you know, working from home, and other arrangements, but in other
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cases, that's just not possible. stuart: i think you're right, when he mentioned 9/11. likened the situation now to then. the algorithm guys, they read it, the computer said sell and we went down over 1,000 points. we have come back and right now, we are down 915 points for that 9/11 reference. the computers read it. i think that really upset them. down we went. all right. now this. you know the democrats have married joe biden. it's not a marriage of love. it's a marriage of necessity. kind of a shotgun marriage. joe is the last non-socialist still standing. the democrats' hopes of winning the white house now rest on joe's shoulders. that's a tough place to be for a 77-year-old prone not only to gaffes but to forgetfulness and confusion. it just looks bad when a presidential candidate doesn't know what day it is or where he is and it looks real bad when that candidate stares into the
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camera, loses his train of thought and makes a hash of the declaration of independence. now it's on to the next debate this sunday. the party is rallying around joe biden, trying to help him where they can. for starts, they have changed the rules on the debate. both candidates will be seated. maybe that helps him. and because of the virus, there will be no audience and most importantly, no spin room. that's the post-debate scrum where reporters fire off questions. that's good for joe. less opportunity to say something strange. he shortened his stump speech to lessen the chance of a stumble. he will draft younger and more have iing yo vigorous surrogates to help him. there is suggestion the remaining debates be canceled, all of them. james clyburn says call it all off to protect joe from dangerous exposure. that's a measure of the desperation the democrats now feel. they've got their guy but they're not in love with him.
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worse, the rejected suitor, bernie sanders, still commands the loyalty of about a third of democrat voters. joe has to win them over and that's going to be extremely difficult. there is a positive here. both for the democrats and the country. the socialist bernie sanders will not win the oval office, and he will not win the nomination. he led a socialist crusade, looks like he's failed and that is a very good thing. now, here's joe biden last night, victorious. >> just over a week ago, many of the pundits declared that this candidacy was dead. now we're very much alive. we're going to bring this nation together. we're regenerating a democratic base. it's more than a comeback, in my view, our campaign. it's a comeback for the soul of this nation. we share a common goal and together, we will defeat donald
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trump. we hwill defeat him together. stuart: forgive me, that didn't sound like a victory speech. that was very low key in the extreme. he ended up taking home four of the six states up for grabs yesterday and that included michigan, the biggest prize of them all. more on this 2020 race a bit later on this hour. first, got to get back to the markets. a wild swing today. john lonski is with us. moody chief markets economist. in my opinion, i think the market is down so much because we haven't got that stimulus package from congress, not at all. >> we don't really have any clear direction as to what washington plans to do to offset the loss of business activity to covid-19. we need that very badly. stuart: what do you think of the various proposals here? first of all, how about this payroll tax holiday for the rest of the year, where you don't have to pay into social security, you keep the money? >> that's a big tax cut. last year, the federal government collected something like $1.2 trillion from the
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social security tax, medicare taxes and half of that is a big chunk of change. stuart: do you approve of a tax -- >> i think we have room for a tax cut at this point in time. interest rates are low and you know, worse comes to worse, we can always have the federal reserve effectively monetize this tax cut by purchasing u.s. treasury securities, another round of quantitative easing. stuart: how about the idea of extending april 15th tax de deadline? >> great idea. that's an easy one. probably won't be too costy for the federal government. push it out. stuart: treasury secretary mnuchin on capitol hill just said the federal government should make sure workers are paid if they have to walk away from work and stay home. maybe using a debit card system of some kind. >> let's go ahead and do that. we live in an age where we supposedly have all this access to data so these workers should be quite easy to identify. take care of them.
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get them through these tough times. remember, covid-19 is akin to a natural disaster. it's not part of the normal functioning of the business cycle. it's like a huge earthquake or hurricane. so why not have the government step in and provide these people with badly needed relief. that's going to be good for the overall economy. stuart: dow is down 960 points. about 5,000 points away from the high reached in mid-february. is that market telling us that we've got a recession coming down the pike? >> that's what it's saying and that's what the treasury bond market is also saying. however, the corporate bond market isn't quite there yet. when you have a recession, you will have junk bond spreads, difference between junk bond yields and treasury yields, over 10 percentage points. that difference is still around 7 percentage points away to go. i want to add about low interest rates, we got word today about mortgage applications. the good news is mortgage applications, purchase of a home, up 5.6% from the previous
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week, up 12% year over year. hold on to your seat for this one. mortgage applications for refinancing, mortgage refinancing for the week up 79%, compared to a year ago, 479% to a record high for the new methodology we use to calculate this particular metric. stuart: our guest just a couple minutes ago suggested that that rapid escalation, the refi boom and mortgage boom, could actually slow down because of the virus. do you see that? >> this is as of march 6. i mean, this is just last week. that's where i'm getting this data. i don't see any sign of it slowing down. not yet. maybe this might hurt the willingness of people to go in and look for a home but what we got to do is get this covid-19 risk out of the way as quickly as possible, got to listen to public health experts to do whatever is necessary to contain this risk and begin to reverse
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its course. stuart: do you think it's vitally necessary we get some kind of action from washington, d.c. to put a floor under the economy? >> definitely. definitely. right now, the president's having a meeting i believe with bank ceos, bank executives. listen to them. do whatever it is that they say we should be doing. given the fact inflation is low, interest rates are low, there's no reason for the federal government not to do more. for instance, as you say, covering up lost wages for those that lose a job because of this virus. stuart: okay. we are at that moment in time. john, thank you very much indeed. >> my pleasure. stuart: now over in britain we rarely quote the bank of england, but the brits have taken some draconian action, maybe leading the way for us. ashley: they are dropping the key interest rate half a percent from .75% down to .25%. that was expected. they are also arranging a new facility to encourage banks to lend as much as $129 billion to
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small businesses, also cutting the capital requirement for the major banks which they hope will free up more money to lend in addition to the $129 billion. it's a coordinated effort with the uk government that's also abolishing property taxes for businesses for the time being. this is a package overall, the government stimulus package is about, i was working it out, about $40 billion on the government side and of course, now we have this move from the bank of england so they are working together to really put a shot of stimulus money into the economy. apparently the last quarter, uk grew close to 0%. now we have the virus to contend with. something has to be done. stuart: draconian action. ashley: exactly right. stuart: i want to get more on this possibility of pushing back the april 15th tax deadline, delaying that tax deadline. that's not -- that's a proposal at this moment, not a fact, is it? lauren: sources say the treasury
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is on board but no, it is not a fact. it is something they are considering. if you do push back the deadline beyond april 15th, is that for everybody, or just those who are more affected, or would you do something more simple like waiving a penalty if you do miss the deadline and file late because you were affected by the coronavirus. but there is, the market is sending the message, they need to hear something. people need to hear something that we can stem this crisis as best we can. stuart: got it. thank you very much. turning to capitol hill, congress wrestling with the virus. edward lawrence is with us. what are they going to discuss at this meeting today? is this the bank meeting or the big tech meeting? what is that? reporter: first, a lot of headlines coming out. we are hearing from legislative aide, according to reuters, that a package, stimulus package, could be announced as early as wednesday here on capitol hill. the treasury secretary mnuchin speaking with the house speaker 90 minutes ago by phone, the
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second time in about 12 hours they spoke about this package going forward, and one of the things you talked about, the april 15th deadline. mnuchin did testify that not only would they move that april 15th deadline as one of the proposals for people, but also businesses. not just who would be affected, this could affect everyone. they said they haven't narrowed down exactly who that would affect. on paid sick leave, the government wants to pay companies who then would pay hourly workers on that paid sick leave. that's the way they wanted to make it work. they are just trying to figure out the mechanism on how they can ensure the companies will pay those hourly workers and the people on paid sick leave. later today, there is a meeting with kevin brady, the ranking member of the ways and means committee, about how to get this package to the house floor. a lot going on here on capitol hill as mnuchin is testifying. i will tell you on moving the tax deadline, mnuchin testified it would add $2 billion to the economy is what he said, if they move that, for businesses and people.
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stuart: thank you very much indeed. i will recap this because i just got an extra piece of information. steny hoyer, leading democrat in the house, one of them, says the house bill is being written right now. as edward lawrence just told us, they are going to assemble and announce this stimulus package for the economy, responsible for the virus. it's paid sick leave, medical -- unemployment insurance extended, lots of things going into this package, trying to put a floor under the economy as we deal with the virus. the vote will be tomorrow. the announcement will be today. now, this is remarkable because i see no reaction on the market whatsoever. we are still down 978 points. that's a lot. we are just barely above 24,000. no reaction to this news the package is being assembled, announced, voted on tomorrow. i thought we might get some reaction but so far, we have not. maybe we are so -- it's only just happening, no chance yet to respond. now then, this i found
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completely outlandish. that's a riot. that's at the university of dayton, after classes were moved online. i guess, what, they are telling them to go home? lauren: home, home, not to your dorm, to where your parents live, where you're from. the reason they did that, no coronavirus on that campus but they are worried. right ahead of spring break, classes canceled, kids have to leave to go home to prepare for the eventuality that something does happen on campus. that's alarming, when you are told you can't stay here at school. the teachers are allowed on campus and the reason the teachers are showing up is so they can learn how to better teach should they have to teach online. that's something schools across the country are dealing with from elementary through high school, they are saying should we do remote learning, they are trying to assess the situation that parents have, do you have computers at home for your kids to do this learning. stuart: you know, you just said something remarkable. lauren: i did. stuart: let me explain.
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ashley: very entertaining, by the way. stuart: that was very good. i'm sitting here and i've got this thing in my ear, an ifb, lets the producers talk to me while i'm on the air. i came unhooked so i couldn't hear what they were saying to me -- ashley: unhinged. stuart: so i'm here fix this thing, and lauren is on camera tapdancing away, extending her hit so i am covered. lauren: can i illustrate what you did? stuart: go ahead. ashley: like a nascar pit stop. the tech crew came out. stuart: okay, okay, okay. enough of this. all right. we've got something very interesting coming up. bachelor nation isn't taking any chances amid the virus fear. instead of handing out roses, they are handing out forms. we will explain that one. did you see this? joe biden getting into a heated argument with an auto worker over the second amendment. just watch this, please.
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[ inaudible ]. stuart: it actually got worse. trump national press secretary kayleigh mcenany joins me to react. more "varney & company" after this. ♪ there's a company that's talked to even more real people
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we use ultrasound technology to literally look inside your arteries for plaque that builds up as you age- and increases your risk for stroke and heart disease. so if you're over 40, call to schedule an appointment for five painless screenings that go beyond annual checkups. and if you call us today, you'll only pay $149-an over 50% savings. read it again, papa? sure. i've got plenty of time. life line screening. the power of prevention. call now to learn more. stuart: weinstein has been sentenced. what did he get? ashley: 23 years. he faced at least five years in jail, up to a possible 29. so he's at the top end of that range. he was convicted seven weeks ago on two counts of sexual assault. he turns 68 next week and these
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charges stem from two women, although he's accused of -- by multiple women of attacking them. there you go. 23 years. stuart: let's move back to your money because we have a new low for the dow industrials. right now we are off 1,060 points. this is interesting because literally moments ago, we were reporting that a stimulus package to support the economy in these times of virus will be announced this afternoon and voted on tomorrow. i honestly thought that the markets were waiting for this and wanted to see it. i was obviously wrong because we are down over 1,000 points even though we got that news minutes ago. next, joe biden and bernie sanders canceled their primary night events. of course the virus is to blame. sunday's democrat debate, no audience going to be at that debate and no spin room, either. the virus is to blame. trump national press secretary 2020 kayleigh mcenany joins us now. let's turn it to your rally, the
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president's rallies. are you a little worried about holding those kind of rallies? >> i'm not, because we have the added advantage here at the trump campaign that our candidate happens to be the president of the united states, who is surrounded by the best and most talented health experts in the world. dr. fauci said take it case by case and in a community where there's an outbreak -- stuart: i'm sorry, kayleigh, but dr. fauci, who is also testifying on capitol hill, he just said there should be no large crowds. he said it. >> look, we have the commander in chief, we have the best health experts, we are taking it day by day, we are currently proceeding as normal and look, joe biden, he's suspending his rallies. he's been dying to get off the campaign trail. the man can only speak for seven minutes. no wonder -- stuart: he will immediately be accused of chaos in the white house. the president goes ahead with holding his rallies, his top doctor, top medical guy, says don't go with big crowds.
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i mean, you are immediately going to be hit with this. >> look, the president is the best authority on this issue. he takes into consult the words of everyone around him that would include alex azar, that would include dr. fauci, that would include others. i will leave it to the president. right now we are proceeding as normal. joe biden is looking for an excuse to get off the campaign trail. the media's best hope is for donald trump to suspend his rallies. they have been wanting him to stop this. they know it's his avenue to speak directly to the american people. we will follow america's lead, we will not cave to the media and we will certainly not follow joe biden's lead as he tries to hide from the people. stuart: president trump still shaking hands with people. vice president pence asked about it. watch this. >> on this sign up here it says you should stop handshaking if you are at your workplace, in your school or commercial establishments. should the president set that example? >> well, look, as the president has said, in our line of work,
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you shake hands when someone wants to shake your hand. i expect the president will continue to do that. i will continue to do it. stuart: you are sticking with this? >> yeah, i'm glad to see that very angry cnn reporter so concerned about the president's wellbeing but yes, the president has said i'm in the business of politics, i shake hands. that's what i do. i talk to the american people. that's what he's doing, taking precautions, washing his hands. we are all doing that. but he's a man of the people. he talks to the people. he shakes their hand. that's the nature of the business. stuart: hold on a second. i have another headline just coming at me from dr. fauci. ashley: he said the coronavirus likely is ten times more lethal than the seasonal flu and with regard to those large crowds, he said we would recommend there not be any, even if that means not having any people in the audience when the nba plays, he says for instance so be it. stuart: okay, kayleigh. ten times more lethal than the flu and watch out for crowds, it's not a good idea.
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you are going to stick with the rallies? >> we follow the president's lead on this. at this very moment as we speak, we are proceeding as normal. we take into consult that advice and that of many others surrounding the president. i will leave it to the president but right now we are operating as normal and again, i would just emphasize joe biden, the dnc, they don't want a crowd there. they want to give joe, sleepy joe, every chance to debate that they can on take debate stage. they know he's going to crumble. we are following the advice of medical professionals and we leave it to the president to decide how to move forward. at this moment we are operating as normal. stuart: i'm going to throw this out for you. i want to show joe biden and the argument he got into about guns. watch this.
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stuart: i've got to say i was surprised to see him talking to voters like that and being a little confused about the issue. >> yeah, that's right. you just showed the best evidence to make my case for why joe biden's trying to hide. he can't even talk to the american people. he yells at them, it was a profane laced tirade against a factory worker, against a voter who asked a simple question. he threatened to take him outside and slap him and this all of a sudden comes on the heels, by the way, of joe biden calling another rally goer fat. if you can even call his rallies a rally. they couldn't fill the front row of a trump rally. joe biden has a real problem if he talks to voters this way, disrespectful. it's unacceptable. that's sleepy joe for you. stuart: you've got a lot on your plate. thanks very much. good stuff. i have to alert our viewers to the market again, please. new low.
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we are now down 1,128 points. completely erasing yesterday's gain. by the way, this comes right after we have heard that there is going to be an announcement about the stimulus package and a vote on it tomorrow. i thought that would help the market but we are down 1100 points. what's next? more after this. it all starts with an invitation. to be our guest. the invitation to lexus sales event now through march 31st. lease the 2020 rx350 for $409 a month for 36 months and we'll make your first months payment. experience amazing at your lexus dealer. ♪ ♪
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stuart: not quite the low of the day, but we are way, way down and i think this is why. steny hoyer, one of the leading democrats in the house, says that payroll tax cut is a non-starter and will not be included in the democrats' virus legislation. senator grassley just said immediate action on the payroll tax holiday is not needed. that takes away what would have been a $700 billion stimulus for the economy, going straight to individuals for the rest of this year. it's not going to happen and i think that's one of the reasons why the dow is down so much. it's now down 1120. market watcher john layfield with me. you agree with that? despite having no $700 billion stimulus, market goes down. >> not sure why anybody in
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congress now doesn't care about spending. for some reason they are fiscally responsible which is crazy to me but i think that is a big part of it. there's so much in the market right now that you cannot know. you cannot know where this virus is going to mutate to, if it does, or if it follows the chinese model where it peaks in two weeks. there has been two drastically different predictions on this virus. and the saudi/russian oil war right now. it's hard to figure out where the value is. stuart: you can't see the bottom, can you? do you think we are anywhere close to the bottom? what's your opinion? >> it's hard to say. i saw goldman sachs say we could go down another 10%, 15% and i think we possibly could. thing is, we don't know. the economy has already been hurt significantly by this coronavirus. you have $118 billion loss in the airline industry, you are having a lot of events canceled all around the united states and the world, going on right now. so it's hard to say where the bottom is. i think there's a lot of value that's creeping up right now and
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some stocks that aren't necessarily contingent on the virus getting worse or better or contingent on the chinese trade war or russia/saudi oil war. stuart: a lot of viewers that are thinking about putting money into the market want to know what kind of stocks you are talking about. if you see a lot of value now in some stocks, which stocks and how much value? >> absolutely. ring central is a stock i wanted to buy before the coronavirus. i didn't buy it but it went up, now it's a coronavirus play. it is, because it does a lot with teleconferencing, with groups being able to work remotely. it has a deal so it seems to be a coronavirus play. i like the stock right here. it's trading about 210. if it goes to 200, i'm going to buy. the other things, online shopping, people will start online shopping that have never done it before and will never go back. also, sports betting. you have about five states that are fully mobile sports betting. you will have about 25 within
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about a year and a half because states are going to need revenue to cover for this coronavirus shortfall so you have some companies out there like mgm which has been cut in half, the stars group which you can bet into fanduel, draftkings, those two are probably the best to get into those trends. stuart: i will try and remember them if and when we get to the point where you actually want to buy back in again. thanks for joining us. appreciate it. good stuff. now, it's my contention that following the 2020 -- sorry, not the 2020, but the super tuesday primaries yesterday, my contention is that the democrats have married joe biden. and they have divorced bernie sanders. let's bring in doug schoen, former bloomberg pollster who you now work for joe biden? >> i do not. i'm not working for anybody right now. stuart: take me on. am i right, they married joe biden and divorced the socialist? >> if they're not married, they are engaged, they bought the ring and the ceremony is pretty
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darned quick. stuart: but it's an uncomfortable marriage, isn't it? >> it's an uncomfortable marriage because biden is a way station rather than a clear representative of the party. he was the last man standing, the one who people felt they could support, but i sense no enthusiasm for him. rather, he is a centrist, a moderate, appeals to african-americans, but his liabilities, you and i have discussed. they are well known and they haven't gone away. stuart: no. hel his handlers have to handle him very carefully and that's not always easy. in any free-flow situation, joe can make a nasty mistake. >> one other point should be made. you were making it implicitly with the failed or appeared to be failed stimulus. if the republican and democratic congress can't get together to do something, the markets keep going down, we have an economic slowdown and we have a bad outcome on coronavirus, that
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could hurt the republicans, could hurt some democrats, and also president trump. stuart: i think you're right there. now then, new york city's mayor bill de blasio says the party, the democrats, should be careful because biden hasn't been vetted, whatever that means. watch this for a second. >> joe biden hasn't been vetted. he was in a perfect position, early frontrunner, then everyone thought he wasn't going to make it, turned their attention to bloomberg, bernie, even warren for awhile. joe biden has a lot of issues he needs to speak to. if we don't deal with it now in the family and have that blunt discussion, donald trump will. stuart: you think the democrats made a mistake turning away from bloomberg, turning away from warren and sanders? >> well, look, obviously -- stuart: a mistake walking away from bernie and warren? >> warren i thought disqualified herself with her ideological positions and her behavior. bernie's a democratic socialist. i don't think he ever could have gotten elected.
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and bloomberg had faced some challenges with the electorate. i think he was a superior candidate. regrettably, that did not come through. given everything that happened, biden appeared to be the best alternative but what the mayor was alluding to, i'm surprised to hear it, was the barisma issue. he was talking about family issues and the like. while i don't believe there is anything legally actionable, we also don't know that for absolute certain. the other thing, just taking the appearances, vice president, the son with no qualifications shows up and gets an $83,000 a month job. that raises questions, plus the private equity deal in china where he got i think billions invested. again, i'm not saying there's any impropriety. what the mayor was saying is it needs to be explored. one thing we know for certain,
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the trump campaign will explore it. stuart: guaranteed. guaranteed they will. one last one, quickly. the gallup poll shows approval rating for congressional republicans has hit a 15-year high and it surged since impeachment. their approval rating hes higin than the democrats'. you think they can retake the house? >> given what's going on now, i suspect that approval rating will level off or drop. put another way, the incumbent party tends to be blamed probably unfairly for things like pandemics and if this doesn't get under control quickly, i think it will hurt the republicans in the house and senate and certainly for the white house. stuart: doug, thanks for joining us. thank you. the virus didn't stop the bachelor from filming its live studio audience finale. and we also have that awkward moment that everyone's talking about.
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you'll see it. a stimulus package for the virus will be introduced today, voted on tomorrow. next, louisiana senator bill cassidy. will he support it? we'll be right back.
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stuart: the news from the market is this. we are down over 1,000 points on the dow jones industrial average. why is it down so much? i will tell you. there is a house package of measures to stimulate the economy as it hits -- as it's being hit by the virus. but that house package does not include a payroll tax cut. that would have been, you don't have to make your social security contributions. that's not in the house deal. senator grassley, on the other side, in the senate, says that payroll tax cut is not necessary. i want to bring in senator bill cassidy, republican from louisiana, because mr. senator,
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i don't know where you stand on a payroll tax holiday but the market is chronically disappointed and it's coming way, way down. >> we have not seen the details of what the president proposes for the tax holiday. difficult for me to comment on. on the other hand, i do think we need a package that keeps people at work. one thing i would propose, i think others will, too, now is the time to do an infrastructure package. working families are at the greatest risk. if they are unemployed they aren't paying payroll tax anyway. you do an infrastructure package, you create construction jobs which then begin to pull down manufactured goods and people spend money on services, three different ways you put working families to work, then they can pay their payroll tax because now they have a job. stuart: it's not going to happen, is it? >> i'm not saying -- i think there's bipartisan interest in doing an infrastructure package, one for the reasons i just outlined. two, we are going to have the ability to borrow money at record low interest rates. other countries have negative interest rates. we will have a low one.
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we can borrow, put people to work. stuart: what do you say to extending the tax filing deadline beyond april 15th? >> that seems reasonable. right now people are just scrambling. i'm from a state producing lots of energy. i have connections with people who are producing energy in west texas, oklahoma, et cetera. they are just seeing the floor bottom out for a variety of reasons. they need to kind of focus on making sure they keep people employed. if they get a little bit of extension on a local level, i think that would be good. stuart: the price of oil has come way, way down. that's obviously hitting your state. it's come down so much because of a price war between the saudi arabians and russia and the saudis seem to be going after our frackers. i know president trump has called mbs, the ruler of saudi arabia, once. you want him to call him again and say we are allies, knock it off, you are killing my guys? you want him to do that? >> i don't think we should put ourselves at the mercy of the good graces of the saudis and of vladimir putin. just like we have now learned with drug supply chain, it helps
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to have domestic production. so i do think there needs to be a way we support our industry through this price war, through the airline flights being canceled and the shipping contracts being canceled, support them through that to have vibrant, domestic energy production. we don't want to rely upon the russians to provide our oil and gas. stuart: are you talking about a bailout for shale drillers who are in trouble or cruise lines that are in trouble or airlines that are suffering? are you talking bailouts of industries? >> we found after hurricane katrina that there needed to be some support for small businesses. we knew we needed them after the cities were rebuilt but we knew also if we didn't give them support through the rough period, they wouldn't be there to reignite the economy. we are going to go through an economic problem. if we are going to decrease transmission, there is going to be an effect upon the economy. let's kind of get our employers through that period so that after this coronavirus passes, the employers are able to pay wages and keep people at work.
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stuart: by the way, there is a bit more time to discuss this in congress. the recess that was supposed to start on friday of this week has been extended, pushed back. you will be at work maybe over the weekend and into next week, mr. senator. hope you don't mind. >> i don't mind that at all. stuart: got it. bill cassidy, thanks for joining us. appreciate it always. thank you. it's time to lighten up just a little, if we can possibly do that. we've got to do that. the virus didn't stop the bachelor's season finale. waivers were sent to audience members? lauren: live audience. it was a disclosure form, a, have you been in contact with anybody who is symptomatic of the coronavirus and b, did you travel to any high risk level 3 areas in the past three weeks. they want to know if your answers are no, you get to sit in the live audience. stuart: if the answer was yes, you stay away? lauren: come back another time in the future. stuart: i'm told that all kinds of people are talking about a very awkward moment at that
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bachelor event. i think we have it on tape. roll it, please. >> how do we turn the page and give this a shot together? >> chris, he's going to have to fail to succeed. that's it. it's all his friends and all his friends, all his family, everyone that knows him, knows that it's not, you know, it's not going to work. so we have been trying to help him. do we want it to work, yes. stuart: wow. let me try to explain this. that's the mother of the bachelor who clearly didn't like the young woman who the bachelor had chosen. can you say awkward? lauren: you're into this. can you imagine? if you thought your mother-in-law didn't like you, imagine having barbara weber, that was her name, as your future mother-in-law? she wanted her son to pick somebody else. she wanted him to pick hannah. i believe it was hannah.
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stuart: that's one reason why, because the geit gets right to nitty-gritty. awkward moments sell on television. i was trying to fix my ifb earlier. ashley: that was just amusing, not awkward. lauren: i love how you talk about the bachelor, though. i'm impressed. stuart: i don't think i have ever seen it. my daughters are glued. ashley: there you go. stuart: they were texting me this morning, you got to see that, you got to see that. we will change the subject again, shall we? ashley: please. stuart: a couple stuck on board a cruise ship with virus patients suing the cruise company. do their claims hold up? we will ask an attorney, who joins me next. ♪ the world is built for you. so why isn't it all about you when it comes to your money? so. what's on your mind?
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stuart: a couple on board the cruise ship where passengers had tested positive for the virus, they're suing for a million dollars. they say princess cruises was negligent, exposed them to disease and should have done more to keep them safe. attorney and host of fox nation's "crimes that changed america" emily campagno is with
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us. welcome back. haven't been on for years and years. >> grateful to be here today. stuart: welcome back. the couple that's suing, do they have a case? >> i don't think so. frankly, this complaint was pretty hastily written, it's clear to me. i found this premature. here's why. they are saying the cruise ship was negligent in exposing them to the disease but they don't yet have the disease. they in fact are still being quarantined. the remedy they are asking for in addition to a million dollars in punitive damages is also a jury trial. we know that those take forever. so they are not saying you guys knowingly exposed us to covid-19 and we are sick and here are my actual damages. they are really not there yet. granted, they are older, 69 and 75, and they argue they have underlying medical conditions. i think that the argument that there was a bit of negligent in that the cruise ship knew there were infected passengers that had just exited the ship the same day they got on the ship, there is truth to that. but i think everything else, it just won't hold up. stuart: it probably will go
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forward. a judge is not going to say nothing, get out of here. they're not going to say that. it will go forward. >> they have enough of anarticulable allegation in the complaint it will probably proceed. stuart: it will be joined by others, presumably. >> by the way, they are arguing gross negligence. that's similar to the extreme reckless disregard we saw in the ghost ship fire warehouse in oakland. that's a really high bar to cross. stuart: next case, couple music festivals, coachella and stagecoach officially postponed. lots of contracts signed. lots of money on the line. lots of money lost here. can we expect an influx of more suits there? >> yeah. i mean, earlier, like the phrase death and taxes, nothing is certain but those two, and lawsuits, i would like to add. of course we will expect lawsuits. they are everywhere. but i will say that in terms of the cases that they have, this is the kind of thing that when health is a concern, public health is a concern, both of these organizations are providing an alternative. they are just postponing the
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date. if you can't make it you get a full refund. there's not again those damages that they can really articulate. loss of money, these guys are refunding it. stuart: fascinating. i think there will be an avalanche of lawsuits surrounding the whole virus incident. we're not going to walk away from the courts on this one. i just can't see it. however, you have a new show on fox nation. i have forgotten the name. tell me again. "crimes that changed america." stuart: what's it about? >> thank you. i'm really excited about it. it's about the stories and the reasons behind laws in this country that have come from frankly some pretty horrific murders. so what's the story behind, for example, the three strikes law in california? what's the case and the story behind megan's law? stuart: okay. i will watch. >> please do. thank you. stuart: i will watch that. good stuff. emily, thank you very much indeed. more "varney & company" after this. while the world keeps fighting for your attention.
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stuart: check the market again please. we're down 1000 points for the did you dow industrials. down for the s&p and nasdaq. i'm pinning this on one simple announcement came literally 10, 15 minutes ago and that is this payroll tax holiday is not going to be included in the house stimulus bill. and in the senate, senator grassley says, he doesn't think he needs 700 billion-dollar
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stimulus of the payroll tax. ashley: very underwhelming for the market a lot is built into lawrence's point earlier about the stimulus package not coming through as yet. stuart: the way the market wanted it as yet. ashley: right. stuart: time's up,. david: as man in for kneel. david: if we have to rely on politicians we're in trouble. nearly 1000 coronavirus cases reported here in the u.s. a so-called containment zone is being set up just 20 miles from wall street. jackie deangelis is at the new york stock exchange with the very latest. hi, jackie. reporter: good afternoon to, you neil, sorry, david. david: that's all right. reporte'


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